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Patterson UTI (PTEN) Jumps on Impressive Horizontal Rig Count

By  +Follow October 4, 2013 8:22AM
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Shares for Patterson-UTI Energy Inc. (PTEN) were trading 5 percent higher on Friday, on news that the oil and gas drilling and exploration company had some 190 rigs operating in the US and Canada.

The announcement is significant in that it comes in the wake of oilfield services leader Baker Hughes (BHI) released a report that indicated weaker demand for drilling rigs in the US. More than 100 of Patterson’s rig operate in the US.

The Baker Hughes report also showed that what demand does currently exist is the result of greater need for unconventional, horizontal drilling rigs that have the capability of tapping in to the US’s growing number of shale-based oil and natural gas deposits, and this is the source of Friday’s bullishness on Patterson’s stock.

Indeed, while other drillers, particularly Helmerlich & Payne (HP) currently operates the largest number of AC-powered horizontal drilling rigs in the US, with a total on average of about 270. Nabors Industries Ltd. (NBR) comes in second with 245 such rigs, but Patterson is catching up with a current and growing total of 117.

With a market-cap of $3.3 billion, however, Patterson is less than half the size of Helmerlich (nearly $8 billion), and is also smaller than Nabors (about $5 billion). Patterson has also been having a strong year, with its stock advancing over 20 percent in 2013, and looks to be on course to join the upper tier of mid-cap drillers and explorers.

The company is set to release its quarterly earnings statement on October 24. Shares were crawling steadily towards $24, approaching a 52-week high of $25.30 in Friday trading.

 

 

[Image Courtesy of Wikimedia Commons]

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Results for pten
Capital Market Labs
17 Apr 15 21:58:18
$PTEN Revenue is Rising. Here's the Chart: http://t.co/gGt4NZcfyT http://t.co/XEEVtoJyxZ
GThomasLackeyJr CMT
17 Apr 15 17:44:51
April 17, 2015 Relative Strength Scans http://t.co/5cmFRWAcw6 $USO $IWM $DBC $IEZ $FDN $NFLX $PTEN $FSLR $SWHC $NBR $ARIA $LL $CLF $EZPW
InvestProfits
17 Apr 15 15:09:49
Patterson-UTI Energy Inc. (PTEN) Up 12% from its 50 Day Moving Average http://t.co/rnhHKfgCKt $PTEN #investor #stocks #investing
Breaking News
17 Apr 15 13:18:03
$PTEN: New SEC Filing for PTEN: Form DEFA14A (No. 0001193125-15-135772): http://t.co/3loEGqyfo1
NASDAQ
17 Apr 15 13:16:24
$PTEN - Proxy Statement (definitive) (def 14a) http://t.co/CnbJzZaV9y
NASDAQ
17 Apr 15 13:16:19
$PTEN - Additional Proxy Soliciting Materials (definitive) (defa14a) http://t.co/TB9c6eGAq5
SEC Filings Reporter
17 Apr 15 13:15:32
NEW SEC Filing for $PTEN filed a moment ago: http://t.co/e9QCKQzVf9 http://t.co/D9q80jb8Gp
Capital Market Labs
17 Apr 15 12:43:45
Largest Energy Equipment and Services Inventory Management 1. $PTEN 2. $DO 3. $HP Full Chart: http://t.co/9kvZ4SxhUk #CML
Jake13
17 Apr 15 11:25:35
Stocks Trending Now: http://t.co/j1I70PbkX8 $DLRG $PAAS $CFQSF $IVC $HAUP $PTEN $SEMLF $CADIF $AGYS $CFFN $BACZ $PLZB ~
ProVesting
17 Apr 15 08:52:02
$SLB $HAL $NBR $PTEN: Oil field services stocks due for comeback: Analyst: http://t.co/2Xmvn6jpye
Pablo
17 Apr 15 05:45:00
RT @StocksEarnings: $PTEN ER on 4/23 Before Open. SP were UP 15 times out of last 21 qtrs (71%) in Earnings reactions http://t.co/GVdBQS2jRd
StockEarnings.com
17 Apr 15 04:20:25
$PTEN ER on 4/23 Before Open. SP were UP 15 times out of last 21 qtrs (71%) in Earnings reactions http://t.co/GVdBQS2jRd
12Stocks.com
17 Apr 15 03:03:45
Weekly MidCap #Stocks Performance $PNRA $UNT $CLF $GPOR $ROSE $WPX $TDW $KEX $PTEN $DDD $CIEN $FCS $KN more@ http://t.co/H27z0IZ4hK
Breaking News Now
17 Apr 15 01:47:02
$PTEN: Large Inflow of Money Witnessed in Patterson-UTI Energy, Inc.: http://t.co/rVOXRw1Olc
Capital Market Labs
17 Apr 15 01:42:22
Largest Energy Equipment and Services Highest Risk per Option Market 1. $RIG 2. $PTEN 3. $SDRL Full Chart: http://t.co/EVPBlahB6B #CML
Breaking News
16 Apr 15 23:20:04
$PTEN: Patterson-UTI Energy Short Interest Up 11.6% in March (PTEN): http://t.co/5XtASYJx29
WKRB News
16 Apr 15 23:16:51
Patterson-UTI Energy Short Interest Up 11.6% in March $PTEN http://t.co/U81DL2SJzU
FinSentS NASDAQ
16 Apr 15 15:29:00
$PTEN:US Short Interest in Patterson-UTI Energy Expands By 11.6% (PTEN) #PATTERSON-UTI ENERGY INC http://t.co/EGNRBRcgHi #NASDAQ
Capital Market Labs
16 Apr 15 11:44:16
Largest Energy Equipment and Services Inventory Management 1. $PTEN 2. $DO 3. $HP Full Chart: http://t.co/SW247D9lGS #CML
FinSentS NASDAQ
16 Apr 15 07:28:18
$PTEN:US Short Interest in Patterson-UTI Energy Expands By 11.6% (PTEN) #PATTERSON-UTI ENERGY INC http://t.co/NjXLyCMJZ6 #NASDAQ
John Turner
16 Apr 15 06:36:01
$PTEN Patterson-UTI Energy: Strong Relative Upside Potential (PTEN) http://t.co/tRV34r2xg7
Irma Doucet
16 Apr 15 06:35:58
$PTEN Short Interest in Patterson-UTI Energy Expands By 11.6% (PTEN) http://t.co/ZrztEwh5Gm
Project_Pat
16 Apr 15 00:30:28
RT @CML_VisualFeed: Largest Energy Equipment and Services Highest Risk per Option Market 1. $RIG 2. $SDRL 3. $PTEN Full Chart: http://t.co/…
Capital Market Labs
16 Apr 15 00:27:58
Largest Energy Equipment and Services Highest Risk per Option Market 1. $RIG 2. $SDRL 3. $PTEN Full Chart: http://t.co/EVPBlahB6B #CML
The Legacy News
15 Apr 15 23:27:32
Patterson-UTI Energy Sees Significant Increase in Short Interest $PTEN http://t.co/2qqEZXRRrM
FinSentS NASDAQ
15 Apr 15 23:26:44
$PTEN:US Short Interest in Patterson-UTI Energy Expands By 11.6% (PTEN) #PATTERSON-UTI ENERGY INC http://t.co/oNq39xo2K0 #NASDAQ
Ticker Report
15 Apr 15 22:41:46
Short Interest in Patterson-UTI Energy Expands By 11.6% $PTEN http://t.co/jxYMbL45bI
US Banking News
15 Apr 15 22:41:23
Short Interest in Patterson-UTI Energy Expands By 11.6% $PTEN http://t.co/A87s3hJygo
ProTradersNews
15 Apr 15 22:37:09
$PTEN: Short Interest in Patterson-UTI Energy Expands By 11.6% (PTEN): http://t.co/5dkF0XqdeL
Sleek Money
15 Apr 15 22:35:53
Short Interest in Patterson-UTI Energy Expands By 11.6% $PTEN http://t.co/Xo6Hji0Z3L
12Stocks.com
15 Apr 15 16:04:06
MidCap #Stocks Trend $ATW $TEX $UNT $DDD $X $SPN $DRQ $PTEN $AGCO $ROSE $WPX $EXP $OII $VMI $KMT $EGN $ITT @ http://t.co/H27z0IZ4hK
12Stocks.com
15 Apr 15 16:03:46
MidCap #Stocks Performance $TDW $ATW $ANF $TEX $UNT $DDD $X $CLF $SPN $RDC $DRQ $PTEN $AGCO $ROSE $BTU more@ http://t.co/H27z0IZ4hK
FinSentS NASDAQ
15 Apr 15 15:34:27
$PTEN:US Patterson-UTI Energy (PTEN) #PATTERSON-UTI ENERGY INC http://t.co/k52Z6jGaAD #NASDAQ
12Stocks.com
15 Apr 15 13:01:39
MidCap #Stocks Trend $TEX $DDD $ATW $UNT $SPN $X $RDC $DRQ $PTEN $WPX $AGCO $EXP $OII $CFR $SM $GPOR $ITT @ http://t.co/H27z0IZ4hK
12Stocks.com
15 Apr 15 13:01:20
MidCap #Stocks Performance $TDW $TEX $DDD $CLF $ATW $UNT $SPN $X $ANF $RDC $DRQ $ROSE $PTEN $WPX $BTU more@ http://t.co/H27z0IZ4hK
Capital Market Labs
15 Apr 15 11:50:56
Largest Energy Equipment and Services Inventory Management 1. $PTEN 2. $DO 3. $HP Full Chart: http://t.co/ggIbvmeUGb #CML
leahanne
15 Apr 15 10:54:53
Volume Alert - PTEN 21.68 Patterson-Uti Energy $PTEN Hit a high today of 21.83 Closing the day 10:30 at 21.68 http://t.co/clgrfr5Us8
leahanne
15 Apr 15 10:54:29
$PTEN Volume Alert - PTEN Stock 21.68 Patterson-Uti Energy $PTEN Hit a high today of 21.83 Closing the day 10:30 at http://t.co/pDdZgyVlai
US_proptrader
15 Apr 15 10:19:41
$BBRY $BLUE $BONA $INO $KITE $PEIX $PTEN $SRPT $TPLM autocharts @ http://t.co/cLiki48C5r
12Stocks.com
15 Apr 15 08:54:23
MidCap #Stocks Trend $DDD $ATW $CYH $CBT $UNT $SPN $WAFD $CRI $ACM $STLD $KEX $PTEN $ENR $CFR $SLM $LXK $NDSN @ http://t.co/H27z0IZ4hK
FinSentS NASDAQ
15 Apr 15 07:29:55
$PTEN:US Patterson-UTI Energy (PTEN) #PATTERSON-UTI ENERGY INC http://t.co/nmJDIQDqQI #NASDAQ
Pablo
15 Apr 15 06:52:17
$PTEN in 21.57
Bryan pasaribu
15 Apr 15 06:08:51
#KCA #VoteJKT48ID capitalmktlabs: Largest Energy Equipment and Services Highest Risk per Option Market 1. $RIG 2. $SDRL 3. $PTEN Full Chart:
Capital Market Labs
15 Apr 15 06:08:22
Largest Energy Equipment and Services Highest Risk per Option Market 1. $RIG 2. $SDRL 3. $PTEN Full Chart: http://t.co/hUIE9yrQkA
Sleek Money
15 Apr 15 06:05:51
Patterson-UTI Energy Raised to “Hold” at Jefferies Group $PTEN http://t.co/teKchxFnkS
Market Int Center
15 Apr 15 05:52:03
Potential Patterson UTI Energy $PTEN Trade Has 17.23% Downside Protection ( http://t.co/9WcF3hIXW1 )
David Tuzzolino
15 Apr 15 05:48:34
Brief $PTEN mention in small-cap article. http://t.co/XbTHX854fT #valueinvesting
12Stocks.com
15 Apr 15 03:03:52
Weekly MidCap #Stocks Trend $CIEN $JBHT $WPX $PTEN $KEX $POL $ACM $BXS $RE $STLD $RNR $UNT $AHL $AJG $ENR $EV @ http://t.co/H27z0IZ4hK
12Stocks.com
15 Apr 15 03:03:34
Weekly MidCap #Stocks Performance $TDW $ROSE $CIEN $AKRX $JBHT $WPX $CLF $NSR $GPN $ALB $KN $DDD $PTEN more@ http://t.co/H27z0IZ4hK
J Lau
14 Apr 15 23:55:38
Watchlist: $ADXS $GMAN $AVP $WUBA $BLDR $ZIOP $CIEN $OAS $X $VLTC $PTEN $YOKU $WPX $AMCN $CRK
				
				
By  +Follow October 4, 2013 8:22AM
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